Russia slashes oil export duty by 33%

MOSCOW, December 1 (RIA Novosti) - The Russian government lowered oil export duty by 33% as of Monday, from $287.3 per metric ton to $192.1, to take into account the lower global oil price.

Export duty on light petroleum products is down from $205.9 to $141.8, while duty on dark oil products is down to $76.4 from $110.9 per ton.

As of December 1, the government has decided to reset the oil duty rate each month, rather than every two months as previously. A corresponding bill has been approved by both houses of parliament, and is pending presidential approval.

The rate will be based on changes in the Urals crude price.

The global oil price has plummeted since its July highpoint of $147, and is currently around $50.